Spain's Cox is considering buying Iberdrola Mexico's assets, CEO of Cox says

Nacho Moreno, the chief executive of Spanish water and renewable power company Cox, said on Wednesday that it is looking at buying Iberdrola assets in Mexico as part its strategy to grow through acquisitions.

In an interview, Moreno stated: "I can confirm that they are in the process of selling their Mexican business."

It's true, that business is amazing. It's true we're just as interested in that business as we are other businesses.

Moreno said that Cox considered Mexico "one of our key strategic regions".

According to its website Iberdrola is in control of six wind parks, three solar parks, and other power plants, including cogeneration and gas. The Spanish newspaper El Confidencial published a report earlier this week that Cox made an offer for the Mexican assets worth approximately 4 billion euros.

Iberdrola didn't immediately respond to a comment request on Wednesday. Ignacio Sanchez Galan, the executive chairman of Iberdrola, said last week that reports of a potential sale were just rumors and refused to comment when the company presented its results and a 5 billion euro capital raise. Iberdrola has agreed to sell $6 Billion worth of assets (mostly gas-fired plants) in Mexico by 2023. It is now focusing on upgrading and building power grids across the world, including Britain and America.

(source: Reuters)